Mortgage debt forgiveness is something that many taxpayers should remember when pulling together their tax documents. One’s mortgage debt forgiven can substantially reduce their tax liability if they have had their home foreclosed or mortgage loans restructured. The Mortgage Forgiveness Debt Relief Act of 2007 was created to provide relief to the many Americans that were having their homes foreclosed on. What the act does is it allows taxpayers to exclude up to $2 million of forgiven debt on a main home of residence from their taxable income ($1 million for a married person filing separately). The IRS just released a tax tip that digs deeper into the important facts about mortgage debt forgiveness. Click the IRS link or contact our office to find out more information about mortgage debt forgiveness.
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